November 6, 2013 / 9:31 PM / 4 years ago

UPDATE 1-Raw sugar speculators boost net long stance for 6th straight week -CFTC

NEW YORK, Nov 6 (Reuters) - Speculators slashed a bullish stance in cotton contracts trading on ICE Futures U.S. in the week ended Oct. 29, while they added to a net long in raw sugar for a sixth straight week, U.S. Commodity Futures Trading Commission data showed on Wednesday.

The noncommercial dealers cut their net long position in ICE cotton futures and options to the lowest since switching from the bearish stance they held in November 2012, the data showed.

Speculators cut their net long position in cotton contracts by 24,470 lots to 5,197 lots, the data showed, as prices tumbled to nine-month lows.

The move is the latest sign of the end to a speculator-driven rally that lifted spot prices to August highs near 94 cents.

The noncommercial dealers added to a huge net long position in raw sugar contracts by 636 contracts to 156,584 contracts, the highest since records became available in 2006, the data showed.

The slight increase came as spot sugar prices tumbled 5 percent.

Speculators boosted a bearish position in arabica coffee contracts to the biggest level since June.

They boosted their net short stance in arabica coffee by 4,711 contracts to 36,955 contracts, the data showed, as prices slumped to 4-1/2-year lows.

They trimmed a bullish position in cocoa contracts from the highest levels since at least 2006, the data showed, as benchmark prices slid from two-year highs.

The noncommercial dealers dialed back their net long position in cocoa contracts by 407 lots to 62,791 lots, the data showed.

The report was originally scheduled to be released on Nov. 1 but was delayed because of the U.S. government shutdown.

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